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492Late With Car Payment? The Bank Could Remotely Turn Off Your Vehicle

Banks can disable and track cars from afar using new technology

Unlike a house, where it can take months or years to evict owners behind on their payments, some subprime lenders can now simply switch off a late borrower's car.

77Honda exec says US market near capacity, could hurt subprime buyers

Is there a point in the US auto industry where companies should start considering the welfare of their customers ahead of selling more cars? American Honda Executive Vice President of Sales John Mendel thinks that level exists, and we may be getting very close to it.

162More car buyers favoring longer term loans, up to 10 years [w/poll]

The length of car loans in the US keeps on growing as more and more consumers look for ways to save money every month to pay off obligations and necessities. Extremely low interest rates and more durable automobiles have become key factors in driving these new longer-term car loans, which can last anywhere from six to 10 years.

57Chrysler sales growth fueled by subprime loans?

Automotive News reports Chrysler owes some of its recent sales success to a resurgence of subprime loans. Chrysler has a history of working with customers burdened with questionable finance histories, and lenders have begun to loosen credit restrictions. As a result, 29 out of every 100 auto loans for new Chrysler models went to buyers with a credit score under 680 in the first quarter of this year. Experian Automotive classifies loans tied to that credit score as subprime. What's more, nearly 2

1Car Dealers See Sales Boosts Through Subprime Lending

Higher-risk loans rose 11 percent in 1st quarter over last year

Subprime lending is on the rise throughout the auto industry, up 11 percent from the first quarter of last year. From the perspective of many auto dealers, that's a good thing.

40Report: GM's planned purchase of AmeriCredit questioned by senator

We've decided to stop trying to guess what General Motors will do before its IPO – which might come next month or later this year or early next year. What we do know is that GM has wanted to secure a captive finance arm before an IPO, a process that looked unlikely, then fell off the radar entirely, and then, BAM!, GM whips out $3.5 billion to buy AmeriCredit. That has made at least one senator do a double-take, asking whether spending that much money and loaning to the subprime market is

48GM seeking more subprime buyers?

In a word, yes. The Detroit News reports that General Motors is looking to find a way to tap into the subprime lending market that accounts for 16 percent of the overall car-buying market. There is, after all, plenty of pressure to sell more vehicles to enhance the company's value leading up to its initial stock sale. But while GM would like to strategically go after subprime borrowers, there is one significant roadblock in the way; Ally Financial. The financing firm, which was GMAC until The Ge

40GMAC resumes subprime lending

GMAC has loosened the purse strings, with General Motors' finance arm allocating $6 billion for auto loans for the next 60 days. The 60 day mark is critical to GM, as it is the government's drop-dead date to satisfy Auto Task Force viability requirements. The cash infusion will help struggling dealers with dried up credit channels, but it will also be used to finance cars and trucks to people with credit scores under 620. The under 620 crowd is referred to as subprime, a term that is now synonym

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